According to a new market report published by Transparency Market Research “Automotive Starter Motor and Alternator Market, ,”market was valued at USD 27.35 billion in 2015, growing at a CAGR of 3.9% from 2016 to 2024 to account for USD 38.56 billion in 2024.

There is high demand for electric starter motors as it is used in the manufacturing of most of the passenger and light commercial vehicles. Pneumatic starter motors are largely used in heavy vehicles but do not find much application in small and medium-sized vehicles. Hydraulic starter motors finds application in diesel engines and can be recharged manually unlike other starter motors. Spring starter and fuel starting motors included in the others segment, finds very less use and application in passenger and other conventional vehicles. However, such starters are expected to find immense application in electric and hybrid vehicles of tomorrow. Claw pole alternators are used in almost all passenger, light commercial and heavy commercial vehicles. The market for claw pole type alternators is huge and is expected to remain so by the end of forecast period. Cylindrical alternators find limited application in automobiles. Such alternators are only used in high speed vehicles and sports vehicles having 1500 RPM and above.

In terms of revenue, Asia Pacific is expected to be the largest regional market for automotive starter motor and alternator, accounting for more than 30% during the forecast period. In Asia Pacific, China is projected to be the most attractive market for automotive starter motor and alternator during the forecast period. The region accounted for major share of the automotive starter motor and alternator market in Asia Pacific in 2015. China is the largest manufacturer of automobiles and considering its huge population, the demand for passenger vehicles is also at a high. Increasing private equity investments in the automotive starter motor and alternator manufacturing companies in Asia Pacific, coupled with increasing production of vehicles is driving the growth of automotive starter motor and alternator market in the region.

The automotive starter motor and alternator market in North America is projected to expand significantly during the forecast period. In terms of revenue, North America generated around 30% of the total revenues in the global automotive starter motor and alternator market. The automotive starter motor and alternator market in the U.S. held the largest share in North America in 2015, owing to the increasing demand for electric vehicles. In addition, rising private equity investments in automotive starter and alternator companies in the U.S., is motivating the growth of this market in the country. Moreover, rising application of automotive starter motor and alternator in new segment of vehicles such as hybrid and electric vehicles and growth in the automotive sector is set to bolster the growth of automotive starter motor and alternator market in North America.

Europe contributed around 20% in the global automotive starter motor and alternator market, where Germany is the dominating market. Economic reforms in Europe, research and development, and investments for automotive starter motor and alternator technology coupled with rising production and usage of passenger vehicles are the major factors driving the growth of this market in the region.

The automotive starter motor and alternator market in Middle East and Africa, and Latin America is anticipated to witness moderate demand for automotive starter motor and alternator in the near future. Economic reforms and increasing demand for passenger vehicles are the factors set to influence growth of automotive starter motor and alternator market in the regions.